All leasing comes to halt

talk to landmen working for HK CHK XTO DVN All lease active is on hold for unknow period of time. All draft have been stopped on present deals, will not be paid and these lease will terminate at end of draft time period. They have cut production money. However the good news is they will continue to drill the leases they have which is enough land to drill for the next 20 years

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Permalink Reply by insomniacnla on October 15, 2008 at 7:10
Yes, the lease memoradums are much shorter and less pages, so they cost less to record. Also, it reduces the amount of paperwork at the Clerk's Office.
Permalink Reply by paige linn on October 15, 2008 at 8:33
Does the memorandum have specifics as to Lessor, Lessee, survey, Number of acres involved in the lease etc.?
Permalink Reply by Bobi Carr ("parker") on October 15, 2008 at 8:37
Paige,

It gives the legal description, Lessor, Lessee and lenght of the lease.
Permalink Reply by paige linn on October 15, 2008 at 16:56
Thanks,
Not the survey and number of acres??
Permalink Reply by Bonita Brown on October 15, 2008 at 13:15
I signed with cheaspeake in September and another lease last week. They told me to hold the drafts until I was sent a check in the mail. The land man told me today that I would get paid , because I already signed the contract. Can they not pay me now. He didn't finish our section they told him to stop leasing for now
Permalink Reply by Snake Stewart on October 15, 2008 at 14:45
Yep.
Permalink Reply by maybelle on October 15, 2008 at 16:08
So are you saying that if we have signed a lease, and have not gotten our bonus, that we WON'T get it?
Permalink Reply by waltcop on October 15, 2008 at 18:10
I hope XTO is a reputable company.....we accepted a bid thru our attorney back in June and have not received any money yet.
Permalink Reply by maybelle on October 16, 2008 at 16:35
Well you were WRONG; There was meeting tonight over the leases that were signed over 3 weeks ago. We were told that the leases would be Fed Ex'd to CHX for them to cut the checks and send back to us (we were told this would take a week) but could take up to 7-10 business days (which is two weeks). Now we were told that those leases are not being honored due to the fall in the stock market -the market fell after the 10th business day. They say that CHX can legally do this because the leases were never filed in the court house. But they will not return these signed lease agreements to us because they all have been NORTARIZED! CHX should have to honor their word, these were signed in good faith by the land owner, and some of us passed up on offers after we signed with CHX, if I had known that we could sign with other companies and whatever lease made is to the courthouse first would be the winner, than we all could have been DISHONEST, like CHX has been with us. Any one with idea on how we should proceed from this point pls let me know. KEITHVILLE/BREAKENRIDGE AREA: Represented by Fortress Management. You can contact me at lajuana.jordan@yahoo.com or phone 518-4448
Permalink Reply by Bobi Carr ("parker") on October 16, 2008 at 16:41
maybelle,

I am sorry to hear this for you. It must be heart breaking to have it happen the way it has. I hope that they decide to honor the agreement.
Permalink Reply by mary on October 21, 2008 at 15:03
They are pulling this stunt everywhere and not proceeding with verbal agreements for fear of massive lawsuits.
Permalink Reply by b. davis on October 21, 2008 at 8:42
What do you consider "commitment"?

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